Steps to Financial Aid

For some students, having made their college choices and having determined based on the total cost of attendance that their families will not be eligible for financial aid based on demonstrated financial need, the next step is either to check out payment plans and/or non-need-based merit scholarships offered by colleges, or to look into non-need-based loans.

For the vast majority of you who are eligible for need-based financial aid, the steps below will help you apply for financial aid.

1. Find out and comply with each college's admission and financial aid application deadlines.

Don't jeopardize your chances for receiving aid by not filing applications on time. Use your personal calendar to keep track of the many deadlines.

3. Complete the Free Application for Federal Student Aid (FAFSA) in order to qualify for aid through the federal government.

Transfer your data from the National Application Center directly to the U.S. Dept of Education's online FAFSA on the WEB financial aid application. You'll save time in getting the information to colleges and state scholarship programs. Just use your NationalAppCenter.com username and password to get started. Start now >

You can file the FAFSA anytime after January 1 of the year you will enter college, but we recommend you file it no later than February 15 (remember, using estimated income figures is allowed).

Be sure all the required signatures accompany the application.

4. If your college choices require copies of parent income tax forms, be sure to submit them as soon after January 1 as they are completed.

The federal government has two programs to reduce the amount of income tax owed by moderate-income families with students pursuing undergraduate study.

Hope Tax Credit: This plan is for families with students in the first two years of an undergraduate study program. A tax credit of up to $1500 per year can be claimed for each family member enrolled at least half time during those years. The amount of the credit is based on the family's income and is phased out at higher incomes.

Lifetime Learning Tax Credit: This credit applies to all eligible family members being claimed by the taxpayer and taking courses at an eligible school. Families can claim up to 20% of tuition and fees--up to a maximum of $1000 per entire family per year. This tax credit is phased out at higher income levels.

5. If required by your college choices, complete the College Board PROFILE application for financial aid.

Contact your colleges to find out if they are among those requiring the PROFILE application for financial aid (approximately 350 colleges nationwide).

PROFILE forms are available in your guidance office or from the colleges which require it.

Click here for more information about the PROFILE, to register for your customized application and to complete the application online if you wish.

Be sure all the required signatures accompany the application.

6. Complete any additional college-specific financial aid forms that may be required.